Brown, James R.; Martinsson, Gustav; Petersen, Bruce C. - Centre of Excellence for Science and Innovation … - 2015
Information problems and lack of collateral value should make R&D more susceptible to financing frictions than other … investments, yet existing evidence on whether financing constraints limit R&D is decidedly mixed, particularly in studies of non … for R&D once we directly control for: i) firm efforts to smooth R&D with cash reserves, and ii) firm use of external …